Macroeconomics and the Market (Economics Today)

This book reviews the development of macroeconomic policy in the context of the market system and evaluates its success or failure in its application to the UK. The author argues that there is no such thing as macroeconomics - that all economics is macroeconomics. The market system is a mode of organization by which the macroeconomics units such as households and firms interact to solve the economic problems of consumption, production and distribution. Macroeconomic policy design that fails to take into account the market system and the responses of microeconomic units will be doomed to failure.